Gold News: A Massive Trade Continues the Downward Trend

Gold News

In the latest gold news: As of June 26 at 4:16pm EST, gold was down, posting another week of losses, trading at $1243.96, compared to $1252.29 per ounce from approximately this time last week. This marks the third consecutive week of losses and the bullion has officially hit its 6-week low.

In early Monday trading, 1.8 million ounces of gold were sold within one minute, significantly moving the price of the bullion downwards. It is unclear who sold off such a large chunk of gold and why. However, analysts are still bullish on gold because of economic uncertainty worldwide specifically regarding the Italian bank bailouts, Brexit, and the Trump Administration’s policies.

Besides for the early Monday selloff, gold remains relatively steady as investors await US job data to be released later this week. Gold rose for three consecutive sessions last week with a weaker dollar bolstering the price of the precious metal. Additionally, James Bullard, the president of the St. Louis Fed said on Friday that the Fed should wait to see the effects of interest rate increases before raising them further later this year.

In the 7 day gold prediction ending June 21, I Know First’s algorithm based on predictive analytics showed an impressive 100% accuracy rate, as seen in “Commodity Ranking Based on Deep-Learning: Returns up to 6.95% in 7 Days.” After one week, I Know First’s average percent change came out to 3.46% with both CL1 as the top earner, bringing in an impressive 6.95% return to short investors.